Wednesday, October 09, 2013

Deficits and Lies

While driving to Concord yesterday, I listened to the President's press conference.  I wasn't surprised by anything he said.  However, near the end of the press conference he said, "You know, if you're concerned about long-term debt, that's a good thing to be concerned about, but don't pretend as if America's going bankrupt at a time when the deficits have been cut in half."  

Cut in half?  Really?

Here are the budget deficits for the last few years:

FY 2013     $973 billion (Obama)
FY 2012  $1,087 billion (Obama)
FY 2011  $1,300 billion (Obama)
FY 2010  $1,294 billion (Obama
FY 2009  $1,413 billion (Bush)
FY 2008     $458 billion (Bush)
FY 2007     $161 billion (Bush
FY 2006     $248 billion (Bush)
FY 2005     $318 billion (Bush)

So, here is my question.  How is the current deficit of $973 billion half of any of Obama's previous deficits?  How is $973 billion half of Bush's largest deficit? So, the President lied.  Or he's stupid. 

And quite apart from that, these deficits do not even include all the increase in our national debt. The federal deficit is the amount each year by which federal outlays in the federal budget exceed federal receipts, but the gross federal debt increases each year by more than the amount of the deficit each year. That is because an enormous amount of federal borrowing is not counted in the budget.

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